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Guest

I just want to know where to go or who to call to make payment arrangements to a loan modification on our home. We defaulted twice and got 2 loans from HUD to become current on our payments and that put a lien on our house to be repaid.

savior70 · Posted: Thu Oct 22, 2009 4:06 am Post subject:

Hi,

It is not possible to get an FHA mortgage with a tax lien and judgment. You will first have to pay off the liens and judgments to qualify for an FHA-insured mortgage loan. If you want to pay off the liens through payment arrangements, you ought to contact those who put the lien on your property. If it is a lien for the FHA loan you took, you need to contact the lender who you got this loan from.

Guest

Hi, I'm trying to buy a house for the first time through FHA loan, but I have a default judgement showing up in the report for $15K from COLONIAL CREDIT CORP dated back in 2006. My FICO score is 685 and have been paying all my bills (two car loans and 4 credit cards with low balance) on time, never missed any payment. What is my chance in getting FHA loan, or any mortgage loan for that matter?

smithsussane · Posted: Tue Jan 12, 2010 12:27 am Post subject:

Hi Guest!

Welcome to forums!

With a credit score of 685, you'll be able to qualify for a FHA loan. However, it would be better if you could pay off the credit card debt that is showing up in your credit report. This will help you in improving your credit score to some extent. I would suggest you to contact the lenders for FHA loan and check out whether or not you qualify for it. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know the type of rates and terms that you would get from the lenders.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Tue Jan 12, 2010 8:35 am Post subject:

mya gal, it all depends on who the lender is, frankly. many lenders will now require that any collection account be paid in full before granting a loan. you may find someone who'd allow that account to remain open, but i'd surmise that even then you'd be required to make payment arrangements with that creditor in order to get an approval. your score is fine, but that's not the only portion of the credit report that is perused. a collection of that amount stands out like a sore thumb (nice cliche, eh?). you may have to check around with a variety of lenders before you get finality on whether or not you can be approved.

Guest

I am due to close on a property in a few weeks and just discovered I have a federal tax lien that was filed in October. Since then I have been working with a tax resolution specialist to set up a payment plan. They never reported when they took me on that there was a lien and I never received advisement of one. Will I still be able to close and get the FHA loan I requested?

Niicss · Posted: Wed Jan 20, 2010 2:25 am Post subject:

If there is a federal tax lien, you'll have to pay off the lien and then apply for a loan. You won't be able to get a FHA loan if there is a lien mentioned in your credit report.

Guest

I'll try to keep this short, but it will be hard.

Ex hires very expensive law firm to fight divorce case and develops a ~$200k bill with her attorney. The judgment orders me to pay to her and her attorney jointly about ~$30k in equity settlement. Additionally, I was order to pay $28k of her attorney fees.

I have satisfied the attorney fee order.

She refuses to talk with her attorney and manage her balance with them at all. She will not sign the equity settlement check provided (to prevent the attorney from taking all of it for the outstanding balance), so the judgment remains unsatisfied, and therefore I cannot obtain a notarized satsifaction.

BofA recently rejected my FHA mortgage application in the 11th hour when I explained that I cannot show satisfaction of this judgment. All other tems of the application are satisfied, and I am well qualified for the mortgage with regard to Score, income, debt ratio, appraisal, etc.

This judgment is not filed in public records and does not show on my credit report. Therefore, it was only identified by the underwriter during the review of the divorce settlement.

My questions are this:

1. Is this really considered a judgment since it is not filed in public records and does not show on my credit report?

2. If this is an honest judgment, it is against me and not the property I am about to buy. Why would the bank be nervous about this judgment? The courts would have to file a lien against the property after I purchased it and the court would be in second position.

3. Any suggestions on how I might be able to resolve the judgment given that the recipient of the judgment is unwilling to accept the payment?

Thank you.

adonis · Posted: Sun Feb 28, 2010 9:45 pm Post subject:

Hi Guest,

The whole issue is extremely complicated and it would be better if you could consult an attorney in this regard. As the court has passed a judgment which orders you to pay the required amount, the lender will want you to pay off the dues and have a release certificate from the court. If you do not have the required amount, lenders will not be ready to give you a mortgage.

Guest

Adonis, Thank you for the reply.

I agree that funds on hand are required, but that is not the issue here. In fact, BofA did not care that I have the funds available, they only cared about the "judgment" not being satisfied.

BTW, I am working with my Family Law attorney. I have not yet consulted with a real estate attorney. Right now, we're trying to see if there is a way to have opposing counsel satisfy the judgment since they are in receipt of the check that was delivered for satisfaction.

Guest

Hi,
I was preapproved for a mortgage and had a tax lien on my report, but they didnt say anything about the lien. I have already received the paperwork for the loan, all I was told now that they want is my most recent pay stubs and last 2years of w2. Does this mean I am all set and will receive the loan or are they going to rechheck my credit report a second time???

Niicss · Posted: Wed Mar 10, 2010 2:02 am Post subject:

Your lender will again run a credit check before finally approving the mortgage. Depending upon the final credit check, you may or may not get a loan.

Guest

I'm set to close on a house on 03/15/10. I owe a couple thousand in back taxes and have an installment agreement through the IRS (have been paying on for months). Apparently, my mortgage broker just now saw my IRS transcripts (11th hour style) and is needing paperwork about my installment agreements, etc. At this late hour, it's too late to even pay the tax in full as I will not get proof of payment in time. Is this going to kill my FHA loan??

gmakerley · Posted: Tue Mar 16, 2010 10:19 am Post subject:

not necessarily kill it, but delay things. it's always worthwhile to be upfront about arrangements such as this - i feel certain you didn't even wonder if it had relevance, but frankly, anything that has anything to do with your finances affects your mortgage application.

Guest

Yes, it's delaying it alright. I didnt even think about paying the installment agreement as it's been automatically taken out of my checking account and it's such a low amount I dont notice. Would you have any idea what the process is now and how long the underwriter will take just to re-calculate the debt to income ratio? Or do they have to re-do the entire closing packet?

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can you get an fha mortgage with tax lien and some judgements